Cbinsights-金融科技2021年报告（英）-184页_3mb

State of Fintech Summary

Core Content

The State of Fintech 2021 report provides a comprehensive overview of the global fintech landscape, focusing on dealmaking, funding, and exits in the private-market fintech sector. It highlights significant growth in funding, an increase in the number of unicorns, and a surge in M&A and IPO activities.

Key Highlights

Global Funding Trends

• Total Global Fintech Funding: Reached a record $132B in 2021, more than double the 2020 amount, accounting for 21% of all venture capital funding.
• Q4 2021 Funding: $35B, nearly reaching the all-time quarterly record.
• Mega-Rounds: Tripled YoY to 343 deals, with these deals comprising 67% of total funding and 7% of total deals.
• Digital Lending Funding: Surged by 220% to $21B, the highest in history, with 633 deals.
• US Funding: Hit $63B in 2021, a 171% increase YoY, making up almost 50% of global fintech funding despite comprising only 37% of total deals.

Unicorn Growth

• Global Fintech Unicorns: Increased to 235 in 2021, a 108% jump from 2020, with 157 new unicorns born.
• Decacorns: 12 fintech startups reached $10B+ valuations, primarily in payments and banking.

Deal Sizes

• Median Deal Size: Reached $32M in 2021, up 78% YoY.
• Late-Stage Median Deal Size: More than doubled YoY to $90M.
• Early-Stage Median Deal Size: Grew 50% to $3M.
• Mid-Stage Median Deal Size: Increased 73% YoY to $38M.

M&A and IPO Exits

• M&A Exits: Surged to 906 in 2021, up 68% from 2020, with the banking and lending sectors leading the growth.
• Median IPO Exit Valuation: Jumped 140% YoY to $2.4B, driven by non-US companies like Nubank (Brazil) and One97 Communications (India).

Regional Trends

• US: Dominated both funding and deals, accounting for 50% of global funding and 37% of deals.
• Asia: Showed strong growth, with 143 deals in 2021.
• Europe: Had 143 deals in 2021.
• LatAm: Fintech funding reached a record $13B, a 269% increase YoY.

Series A Mega-Rounds in Q4 2021

• 7 Series A Mega-Rounds: Amounting to over $1B collectively.
• Top Series A Deals:
  • MoonPay: $555M
  • Gemini: $400M
  • First Digital Bank: $120M
  • Open Co: $115M
  • Masterworks: $110M
  • CoinList: $100M
  • Slide Insurance: $100M

Late-Stage Deals

• Median Late-Stage Deal Size: More than doubled YoY to $90M.
• Late-Stage Deals: Continued to be the largest in terms of deal size, with the US leading in late-stage funding.

Series B Deals

• Top Series B Deals:
  • FTX: $421M
  • Celsius Network: $400M
  • Slice: $220M
  • Incode Technologies: $220M
  • Plate IQ: $160M
  • Qupital: $150M
  • Republic: $150M
  • Payhawk: $112M

Series C Deals

• Top Series C Deals:
  • TradingView: $298M
  • CoinSwitch Kuber: $260M
  • Alchemy: $250M
  • Rippling: $250M
  • Pleo: $200M
  • Thought Machine: $200M
  • Chipper Cash: $150M
  • Hibob: $150M
  • Alice: $127M
  • Moonfare: $125M
  • stori: $125M

Series D Deals

• Top Series D Deals:
  • Devoted Health: $1.2B
  • Deel: $425M
  • Anchorage Digital: $350M
  • Dutchie: $350M
  • SaltPay: $345M
  • Bolt: $333M
  • WeLab: $240M
  • Swile: $200M
  • Kueski: $102M
  • Carro: $100M
  • Fundbox: $100M
  • Ladder: $100M

Series E+ Deals

• Top Series E+ Deals:
  • N26: $900M
  • Better.com: $750M
  • Monzo: $500M
  • Socure: $450M
  • Fireblocks: $400M
  • Razorpay: $375M
  • Brex: $300M
  • Zopa: $300M
  • Upgrade: $280M
  • Tipalti: $270M

Main Points

• Record Funding: Fintech funding reached an all-time high in 2021, with the US being the largest contributor.
• Mega-Rounds Growth: The number of mega-rounds (over $100M) tripled in 2021, highlighting a shift in investment patterns.
• Unicorn Expansion: The number of fintech unicorns increased significantly, driven by high valuations and investor enthusiasm.
• M&A and IPO Surge: Both M&A and IPO activities saw record numbers, with notable exits in the US and non-US markets.
• Regional Growth: LatAm and other regions experienced substantial growth in fintech funding, indicating a global expansion of the sector.

Key Information

• Funding Sources: Venture capital (VCs) still dominated deal share, but corporations and asset management firms increased their involvement.
• Investor Trends: A more diversified investor base is evident, with PE firms and CVCs contributing to the rise in funding.
• Tech Focus: Payments, banking, and digital lending were the most funded sectors, with notable growth in blockchain and cryptocurrency-related ventures.
• Geographic Expansion: The fintech boom is not limited to the US, with significant growth in Asia, Europe, and LatAm.

Conclusion

The State of Fintech 2021 report illustrates a robust and rapidly evolving fintech ecosystem, marked by record funding, a surge in M&A and IPO activities, and the emergence of numerous unicorns. The US remains the leader in fintech investment, but other regions are gaining traction, particularly in digital lending and blockchain. The increasing number of mega-rounds and the diversification of investors signal a maturing market with a strong focus on innovation and scalability.